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The UK government has confirmed its intentions to regulate the cryptocurrency industry and aims to introduce legislation for crypto activities by 2024. In response to a consultation paper, the government plans to subject crypto-asset activities to the same regulations as banks and other financial services firms. Proposed measures include stricter rules for exchanges, custodians, crypto lending companies, market abuse, and cryptoasset issuance and disclosures. The UK aims to become a global hub for cryptoasset technology and is advancing ahead of other nations in formalizing its crypto industry laws.

Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) and Japanese financial conglomerate SBI Holdings have announced plans to construct an 800 billion yen ($5.3 billion) chip manufacturing plant in northern Japan. The initial phase of the project, located in the Miyagi Prefecture, will require a 420 billion yen investment. With both local and foreign investors, bank loans, and government subsidies involved, the move highlights Japan’s efforts to bolster its domestic semiconductor industry amidst export restrictions on key chips and tools to China by the US.

The plant will focus on producing semiconductors in the 28-nanometer, 40-nanometer, and 55-nanometer categories, primarily for automotive applications. Japan’s subsidies to attract manufacturing facilities, as well as other recent investments by companies like Micron and a government-backed fund, demonstrate the country’s commitment to strengthening its semiconductor supply chain.

Tesla has emerged victorious in its first U.S. trial over claims that its Autopilot system caused a fatal crash. The jury ruled that the vehicle did not possess a manufacturing defect, representing a significant win for the automaker. This outcome marks Tesla’s second legal victory this year, highlighting the doubts surrounding allegations of software defects.

While Tesla faces several similar lawsuits, the company continues to believe in the potential of its Autopilot and Full Self-Driving systems. The trial in Riverside involved a 2019 crash that resulted in the death of the vehicle owner and serious injuries to his passengers. Tesla argued that human error was responsible for the accident, denying any liability.

The Pentagon’s Space Development Agency (SDA) has awarded contracts worth approximately $1.3 billion to York Space and Northrop Grumman to construct communications satellites. The goal is to create a network called the Proliferated Warfighter Space Architecture (PWSA), with the companies tasked with building 100 satellites for the “Alpha” variant prototypes in the “Tranche 2 Transport Layer” constellation (T2TL-Alpha). These satellites will provide encrypted communications.

Ford has announced a delay in its planned $12 billion investments in electric vehicles (EVs) and the construction of a second battery plant with SK On, its joint venture partner. The decision comes as the demand for higher-priced premium EVs has weakened. While Ford’s overall profitability remains strong, its EV business, known as Model e, has reported losses, with a $1.3 billion loss in the third quarter. Ford aims to achieve an 8% margin on EVs by reducing operational costs and scaling quickly to address the competitive EV market.

The company is focusing on lowering the price of EVs rather than adding more features, taking inspiration from Tesla’s cost-focused approach. Ford plans to introduce lower-priced second and third-generation EVs, including a full-sized pickup truck. The automaker is also adjusting production and capacity to match market demand and considering potential adjustments to its global Battery Park Michigan plant.

Bitcoin surged by nearly 10% to $34,872, reaching its highest level in nearly a year-and-a-half, fueled by speculation of an exchange-traded bitcoin fund (ETF) approval. The recent 10% jump on Monday marked the cryptocurrency’s best day in almost a year, leading to increased bullishness across the wider crypto market. The approval of a bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) is expected to drive demand and attract new investors.

This optimism was further bolstered by the inclusion of BlackRock’s iShares ETF on the website of clearing house DTCC. Reports of the SEC’s decision not to appeal a court ruling against rejecting an ETF application from Grayscale Investments also contributed to the anticipation. Bitcoin futures data revealed significant short-covering in the past 24 hours.

In an effort to promote innovation and job creation, the Biden administration has designated 31 technology hubs across the United States and Puerto Rico. Commerce Secretary Gina Raimondo expressed her excitement for the initiative, stating that she had never seen such a high level of interest before. The hubs were chosen competitively, with the Department of Commerce receiving 400 applications.

The program aims to distribute $500 million in grants to cities, using funds authorized under last year’s CHIPS and Science Act. The White House emphasized the importance of spreading opportunity and technology investments beyond major cities. The tech hubs reach various states, demonstrating the administration’s commitment to promoting innovation and economic growth nationwide.